TORONTO, Dec. 18, 2012 /CNW/ - Sprott Asset Management LP ("Sprott")
today announced that Sprott Physical Platinum and Palladium Trust (the
"Trust"), a trust created to invest and hold substantially all of its
assets in physical platinum and palladium bullion and managed by
Sprott, has agreed to issue in its initial public offering (the
"Offering") 28,000,000 transferable, redeemable units of the Trust
("Units") at US$10.00 per Unit, for gross proceeds of US$280,000,000.
As part of the Offering, the Trust has granted the underwriters an
over-allotment option which is exercisable in whole or in part to
purchase up to an additional 4,200,000 Units at US$10.00 per Unit.
The Units will be listed on the NYSE Arca and the Toronto Stock Exchange
under the symbols 'SPPP' and 'PPT.U', respectively. The Offering was
made simultaneously in the United States and Canada. Morgan Stanley
and RBC Capital Markets acted as global co-ordinators for the Offering.
Morgan Stanley, RBC Capital Markets, BofA Merrill Lynch and UBS
Investment Bank acted as joint book-running underwriters for the
Offering in the United States. The Canadian syndicate includes RBC
Capital Markets, Morgan Stanley, BMO Nesbitt Burns Inc., Canaccord
Genuity Corp., CIBC World Markets Inc., National Bank Financial Inc.,
TD Securities Inc., Scotia Capital Inc., GMP Securities L.P.,
Desjardins Securities Inc., Macquarie Private Wealth Inc., Raymond
James Ltd. and UBS Securities Canada Inc.
Copies of the U.S. prospectus related to the Offering may be obtained by
contacting Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, New York 10014 Attention: Prospectus Department (telephone
866-718-1649 (toll free) or 917-606-8474) or by e-mailing prospectus@morganstanley.com, or RBC Capital Markets, LLC, Attention: Prospectus Department, Three
World Financial Center, 200 Vesey Street, 8th floor, New York, New York
10281-8098 (telephone: 212-428-6670, fax: 212-428-6260), BofA Merrill
Lynch, Attn: Prospectus Department, at 222 Broadway, New York, NY 10038
or by email at dg.prospectus_requests@baml.com, or UBS Securities LLC, Attn: Prospectus Department, at 299 Park
Avenue, New York, NY 10171, or by telephone toll free at (888)
827-7275. Copies of the Canadian prospectus related to this Offering
may be obtained by contacting RBC Capital Markets, Attention:
Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V
2X4 (fax: 416-313-6066) or Morgan Stanley & Co. LLC, 180 Varick Street,
2nd Floor, New York, New York 10014 Attention: Prospectus Department
(telephone 866-718-1649 (toll free) or 917-606-8474) or by e-mailing prospectus@morganstanley.com. The Offering in Canada is only being made by the Canadian prospectus,
which includes important detailed information about the Units being
offered.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the Units, nor shall there be any sale of the Units
in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Investors should read the
prospectus carefully before making an investment decision.
SOURCE: Sprott Physical Platinum and Palladium Trust
